Evolution of Rationality in Economics: Making Models More Realistic
The article discusses how the idea of people always making rational decisions has evolved in economic science. Initially, self-interest was the main focus, but later on, rationality became more important due to new theories. Different strategies have been used to make economic models more realistic, such as using representative agents with varying levels of rationality or introducing additional agents to account for irrational behavior. It's also possible to have different parts of one person with conflicting goals. Overall, the concept of rationality in economics has become more flexible and can vary depending on the situation.